Neither Rahul Gandhi nor his descendants will be able to restore Article 370: Amit Shah
Sangli, Nov 8: Neither Congress leader Rahul Gandhi nor his fourth generation will be be able to bring back Article 370 that gave special status to Jammu and Kashmir, Union minister Amit Shah said on Friday in a stinging attack on the opposition at a poll rally in Maharashtra's Sangli.
The J-K assembly on Wednesday passed a resolution seeking a dialogue between the Central government and elected representatives for restoration of Article 370 granting special status to the erstwhile state. The move was hailed by the valley-based political parties while it prompted protests by the main opposition BJP which demanded its rollback.
The provision was scrapped on August 5, 2019.
Addressing a rally in Sangli for Mahayuti (ruling alliance) candidates Sudhir Gadgil and Sanjay Kaka Patil, the Union Minister said the Congress was supporting the National Conference, the ruling party in J-K, in this endeavour.
"From the land of Chhatrapati Shivaji Maharaj, I am telling you Rahul baba that neither you nor you fourth generation will be able to restore Article 370. Every child of the country is ready to fight for Kashmir," the senior BJP leader asserted.
"When Prime Minister Narendra Modi took the decision to abrogate Article 370, I brought the bill (in Parliament) but Rahul Gandhi, Sharad Pawar, Mamta Banerjee, Akhilesh Yadav and Stalin opposed the move. They said do not remove Article 370 as it would lead to bloodshed in the Valley. Forget rivers of blood, nobody dared to throw a stone," Shah said.
During the UPA government of Sonia Gandhi and Manmohan Singh, terrorist attacks were frequent, but after Modi became PM, the incidents at Uri and Pulwama led to surgical strikes that wiped out terrorists in Pakistan, Shah told the gathering.
Modi's efforts led to the construction of a grand Ram Temple in Ayodhya, which was being stalled by the Congress for the past 70 years, he said.
"After Modi came to power, in five years, the court's judgement was delivered, the temple's foundation stone was laid, it was constructed and the consecration ceremony took place," he said.
Attacking Congress leader Rahul Gandhi for showing a copy of the Constitution at his rallies to attack the BJP, Shah said the Constitution is not an election agenda.
"The Constitution is about trust but these people (Congress) are seeking votes in the name of the Constitution and bluffing. Today, in one of the poll rallies, copies of the Constitution were distributed. The front cover was okay but the inside pages were blank. Not a single word was printed on them. Gandhi has insulted the Constitution, insulted Babasaheb Ambedkar and people of India," Shah said.
Gandhi should tell the people whether the copy of the Constitution that he held while taking oath as MP in Parliament was real or fake, Shah said.
"Gandhi recently said the country does not need reservations. But as long as the Modi government is in power, no one has the guts to touch the Constitution. Reservations for SCs, STs and OBCs will remain the way it always was," Shah asserted.
Maharashtra assembly polls will be held on November 20, while results will be declared on November 23.
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Rupee falls 5 paise to hit new all-time low of 84.37 against US dollar
Mumbai, Nov 8: Declining for the third straight session, the rupee dropped 5 paise to hit a new lifetime low of 84.37 against the US dollar on Friday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
Forex traders said the US Federal Reserve's recent decision to cut interest rates signals a shift in the global financial landscape. Moreover, with Donald Trump's tax and trade policies influencing global markets, volatility could re-enter the rupee's trajectory.
At the interbank foreign exchange, the rupee opened at 84.32 against the US dollar. During the session, the local currency touched a high of 84.31 and a low of 84.38. It finally settled at 84.37, a loss of 5 paise against its previous close.
On Thursday, the rupee slipped 1 paisa to close at a fresh lifetime low of 84.32 against the US dollar.
In the last three sessions, the local unit has lost 28 paise against the greenback.
The rupee hit a record low on account of extending sell-off in the domestic markets and continuous foreign fund outflows. Overnight gains in crude oil prices also weighed on the rupee, said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.
However, the softening of the US Dollar index cushioned the downside. The dollar softened as the US Federal Reserve cut interest rates by 25 bps in line with street estimates. The Fed Chair Jerome Powell said in his presser that the US economy was strong and some downside risks seemed to have diminished.
In its latest monetary policy announcement, the US Fed reduced its benchmark rate by 0.25 basis points to a target range of 4.5 per cent-4.75 per cent.
In its accompanying statement, the Fed adopted a neutral-to-dovish tone, acknowledging balanced risks in inflation and employment.
"We expect the rupee to trade with a negative bias on overall strength in the US dollar and weak domestic markets. FII outflows may also weigh on the rupee. However, any intervention by the Reserve Bank may support the rupee at lower levels," Choudhary added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.01 per cent lower at 104.50.
Brent crude, the global oil benchmark, fell 1.10 per cent to USD 74.80 per barrel in futures trade.
In the domestic equity market, the 30-share BSE Sensex fell 55.47 points, or 0.07 per cent, to close at 79,486.32 points, while Nifty declined 51.15 points, or 0.21 per cent, to settle at 24,148.20 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 3,404.04 crore, according to exchange data.
"Rupee has been on a low in the last few days though it is the second best-performing currency amongst its peers after the election of Trump as president.
"However, foreign funds and oil companies are constant buyers of the currency pair, and therefore, we are not finding rupee to gain from here except if RBI sells in a big way and brings it down," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
For now, it is better to buy on dips and keep exports on hold until the rupee finds its level. There also seems to be a cash dollar shortage in the markets as the RBI is not supplying sufficient dollars, which FPIs are buying, Bhansali added.
